The true cost of renting with friends

Dawn Renton

As house prices continue to soar, more and more people are opting to rent rather than buy.

Not only that, those flying the nest to head to university will be moving in with flatmates for the first time. However, whilst the problems that come with sharing a property are often overlooked during the first flush of excitement and independence, it would seem this rite of passage is not always smooth.

To support the launch of its new Renters Insurance product, Asda Money reveals the true cost of renting with friends, from stolen underwear to unwanted cats. Asda Money’s report reveals the scenarios topping the bugbear list when renting include flatmates who leave dirty dishes in the sink, those who eat food that doesn’t belong to them and those who do not pull their weight around the house. More worryingly, concerns about safety were also raised within the research. Lost keys and leaving windows and doors open were reported as recurring issues amongst renters.

Top Ten Renting Bug Bears:

1. Leaving dirty dishes in the sink (61%)

2. Not helping with the housework (48%)

3. Eating food that doesn’t belong to them (43%)

4. Not replacing milk, loo roll, bread etc (41%)

5. Leaving marks on the sofa and/or carpet (34%)

6. Bringing strangers home (29%)

7. Leaving windows open all day and night (27%)

8. Lost keys (26%)

9. Leaving doors open/on the latch (18%)

10. Leaving the water running (17%)

Other infuriating habits include not paying rent on time, leaving the phone bill unpaid, letting unwelcome cats into the house and the theft of underwear. Research also revealed that iPhones, iPads and laptops have fallen victim to the careless actions of flatmates. This can cause huge financial and work problems for students.

As a result of these domestic bugbears, a third of renters have had arguments with their flatmates. As well as this, these issues can have significant financial implications with 89 per cent of renters having had to pay up to £100 from their own pocket to rectify their flatmate’s mistakes.

Michael Turner, Asda Money, said: “Living in a house share can be a fun and exciting time. Enjoying your own freedom, meeting new people and sharing experiences are all great elements of renting. However, it is occasionally the people we live with that can dampen the renting experience.

“We have created a bespoke home insurance product specifically aimed at renters to ensure those living with others are able to protect their belongings in an easy, affordable and simple way. Accidents are bound to happen. Our research shows housemates and their thoughtless actions have resulted in damp, running taps and damaged iPhones, iPads and laptops. This is why it is essential that all renters have their own insurance policy. Ensuring your belongings are protected will give you peace of mind and remove any possible financial horrors you incur through living with nightmare housemates.”

For more information visit www.money.asda.com/renters-insurance/ or call 0330 332 2637.